ROLE OF MARKETING RESEARCH FOR NEW DRUG DEVELOPMENT WITH DEMOGRAPHIC SEGMENTATION & SOCIO-PSYCHOLOGICAL CHARACTERISTICS OF CUSTOMERS IN PHARMACEUTICAL SECTOR

It is clear that market research is vital when developing your market strategy. It provides great insights to your business and on the wider market place. Product research is a vital part of new product development. At every stage of process, research can help you identify key issues and avoid expensive mistakes. When developing a product strategy, market research can help you get a better understanding of your consumer A market segmentation strategy will give you better focus, minimise waste and free up resources. It also involves the segregation of target customers into various groups according to their unique characteristics. The process allows pharmaceutical brands to gain a better knowledge of customer needs.

Keywords: Marketing Research, Demographic Segmentation, Hypothesis.